Settling a 2nd mortgage after chapter 7 bankruptcy discharge

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,049
161
63
San Diego, California
www.loansreduced.com
I wouldn't worry about it too much at this point but please keep us updated on this thread and I'll help you any way I can.
 

hipster

LoanSafe Member
Dec 4, 2013
34
6
8
How long after a foreclosure can you get a home loan? Does it take into account the bankruptcy?
 

OneHugeMess

LoanSafe Member
May 30, 2016
471
32
28
Depending on the down payment - some programs will allow you to buy a home One Day out of Foreclosure & Bankruptcy. You're not going to be able to get a loan through from a traditional lender like Quicken or Wells Fargo. You'll need a non-traditional "alternative" or "non-qm" mortgage.

Eric Sandstrom would be able to go over your options with you. But... establishing credit is your best hope. Get a CreditKarma account and a few secured or unsecured credit cards. Keep the credit utilization low, and work on your credit report.
 

hipster

LoanSafe Member
Dec 4, 2013
34
6
8
Depending on the down payment - some programs will allow you to buy a home One Day out of Foreclosure & Bankruptcy. You're not going to be able to get a loan through from a traditional lender like Quicken or Wells Fargo. You'll need a non-traditional "alternative" or "non-qm" mortgage.

Eric Sandstrom would be able to go over your options with you. But... establishing credit is your best hope. Get a CreditKarma account and a few secured or unsecured credit cards. Keep the credit utilization low, and work on your credit report.
Thank you, we had a foreclosure 2+ yrs ago on a investment property that was discharged in the bankruptcy. I was trying to decide if I would be able to refinance or would I be able to sell my current home and get a mortgage on another home. It will be 3 yrs in May 2019.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,049
161
63
San Diego, California
www.loansreduced.com
This is actually something that I specialize in and as a matter of fact we literally just closed on a home today where a borrower included a home in bankruptcy. The best part about it....the property that was included in bankruptcy hasn't even foreclosed yet!!

I'll be updating a few of my articles in regards to home included in bankruptcy to reflect this and please never hesitate to get in touch. Sometimes I am extremely busy and not able to watch the forum on an hourly basis but you can reach myself direct here: [email protected] or 619-379-8999
 

hipster

LoanSafe Member
Dec 4, 2013
34
6
8
Thank you, we had an investment property foreclose about 2.5yrs ago. It'll be 3 yrs in May 2019.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,049
161
63
San Diego, California
www.loansreduced.com
If your bankruptcy is older than 4 years, you may qualify for a conventional home loan now. They start as low as 5% down.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,049
161
63
San Diego, California
www.loansreduced.com
Foreclosure time period doesn’t matter when you include the home in bankruptcy. The reason there is this guideline is because in many cases the banks didn’t foreclose until many years later or in this most recent case I funded, haven’t foreclosed at all.
 

hipster

LoanSafe Member
Dec 4, 2013
34
6
8
What are the chances that we could refinance and combine both discharged loans into 1 loan? The balloon payments are coming up in 1.5yrs..